News & Analysis as of November 15, 2024

Budget Reconciliation

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

The White House Releases FY 2025 Budget Tax Priorities

Brownstein Hyatt Farber Schreck on 3/12/2024

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more

Senate Passes Significant Tax Changes Over the Weekend

Jackson Walker on 8/9/2022

Over the weekend, the U.S. Senate passed H.R. 5376, the Inflation Reduction Act of 2022 (the “Act”) as part of the fiscal year 2022 budget reconciliation bill. The U.S. House of Representatives will consider the Act this...more

White House Releases FY 2023 Budget Request

Brownstein Hyatt Farber Schreck on 3/29/2022

The White House released its fiscal year (FY) 2023 budget request on Monday. Overall, it proposes $5.8 trillion in total spending, including a proposed $813 billion for defense and about $769 billion in non-defense...more

Taxation & Representation, January 11, 2022

Brownstein Hyatt Farber Schreck on 2/2/2022

Tax Tidbit - Budget Reconciliation: By the Numbers. Since 1980, Congress has passed 26 budget reconciliation bills, 22 of which have become law. During 11 of those 41 years, Congress did not pass any budget reconciliation...more

Representative Neal Proposes IRA Changes

Cadwalader, Wickersham & Taft LLP on 11/2/2021

In mid-September, Chairman of the House Ways and Means Committee Richard Neal (D-Mass.) introduced an amendment to the budget reconciliation legislation that would make a number of changes to IRAs....more

Biden’s Proposed Income Tax Increases And The Sale Of The Baby Boomer Business

Rivkin Radler LLP on 4/26/2021

“Yeah, I’m the Tax Man” Last week, several media outlets reported that Mr. Biden will soon propose that Congress increase the federal income tax rate applicable to long-term capital gains recognized by individual...more

Following Up On "Election Day is Coming – Will Major Tax Changes Follow?

Mitchell, Williams, Selig, Gates & Woodyard,... on 2/9/2021

On August 10, 2020, we published a post outlining some of President Biden’s tax proposals set forth on the campaign trail. This post takes a deeper look at some of those proposals and some of the factors likely to influence...more

U.S. Tax Reform Proposal Highlights Potential Sweeping Changes

Jones Day on 10/11/2017

The Situation: The Trump Administration, in collaboration with the House and Senate, has introduced a Framework for tax reform legislation that could bring sweeping changes to U.S. tax laws....more

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Income Taxes › Tax Reform › Budget Reconciliation

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